Aldar targets 20% reduction in greenhouse gas emissions across assets by 2025

The company's second sustainability report includes progress made in 2019 across four pillars of economy, community, people and environment

ABU DHABI, UNITED ARAB EMIRATES - April 18 2019.

Al Dar's booth, featuring "Lea" at Cityscape Abu Dhabi 2019.

The Abu Dhabi real estate developer is building a new waterfront residential project in the emirate as part of its recently adopted strategy to offer land plots for sale.

The ‘Lea’ scheme is on the northern coast of Yas Island, where Abu Dhabi’s Formula One racetrack, the Yas Marina, theme parks and several neighbourhoods including the adjoining Yas Acres development are located.

(Photo by Reem Mohammed/The National)

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Aldar Properties, Abu Dhabi’s biggest listed developer, is targeting a 20 per cent reduction in "energy intensity and associated greenhouse gas emissions” across its portfolio of assets by 2025 as part of its sustainability goals.

The company, which is behind projects including Yas Island's F1 circuit, is also planning to fully transition to LED lighting in existing buildings and develop a policy requiring all new developments to have a solar energy component, it said in a report.

“Aldar’s second sustainability report marks an important milestone on this journey, with a strong evidence base, a clear roadmap for the future and the introduction of a refreshed sustainability strategy and framework,” Greg Fewer, Aldar's chief financial and sustainability officer, said. “The various achievements and disclosures within the report not only showcase Aldar as a responsible corporate citizen; they also future-proof our operations for a world where sustainability and growth will always go hand in hand.”

Aldar's sustainability initiatives are in line with the UAE's efforts to promote a green economy. The UAE Green Growth Strategy is focused on establishing a low-carbon economy with a sustainable approach to transport and architecture, while increasing the efficiency of how the country consumes vital resources such as energy and water. The UAE has also set up a target to generate 50 per cent of its power needs from clean energy sources to advance sustainable development.

Aldar has also developed a comprehensive sustainability strategy in close alignment with national and international frameworks including Vision 2021, Ghadan 2021, the National Climate Change Plan, UAE Green Agenda and the United Nations Sustainable Development Goals.

The company’s sustainability strategy is grounded in the pillars of economy, community, people and environment - each with its own set of commitments, targets, initiatives and key performance indicators.

The Abu Dhabi-based developer is also focusing on providing more opportunities to local companies as part of its in-country value (ICV) programme.

“ICV will create employment opportunities for UAE nationals and private sector growth in addition to being a key part of our procurement sustainability strategy which addresses worker welfare, environmental and societal impacts,” Aldar said.

Aldar Properties reported a net profit of Dh1.98 billion and recorded Dh71.1bn in revenue in 2019. Development sales increased 53 per cent to Dh4bn, driven by new launches including Alreeman, Alreeman II, Lea and Saadiyat Reserve, as well as strong sales across existing developments comprising Yas Acres, Wes Yas and Mamsha.

During the second quarter of this year, the company’s profit rose 2 per cent to Dh484 million on the back of higher revenue of Dh2bn.

Earlier this year, Aldar increased its support to property, education and retail customers to Dh190m in an effort to supplement the government's efforts to soften the impact of the coronavirus pandemic on the economy.

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